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Thomas Weisel downgraded TiVo (TIVO
) to market perform.
Analyst Gordon Hodge says fourth quarter results were better than expected in terms of revenue, EBITDA, and earnings per share, but fiscal 2004 (Jan.) looks more back-end loaded than earlier believed. He added that he needs time to study Time Warner Cable's roll-out of personal video recorder-cable set-tops.
He says while the company has the standard brand of this emerging category, the market is still nascent, and TiVo's combo box opportunity is limited to DirecTV. Hodge raised his $66.7 million fiscal 2004 revenue estimate to $69.3 million on higher subscription revenue, and maintains his 75-cent loss estimate.
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